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06/07/2004 - NEW JERSEY'S STRONG BIOSCIENCE INDUSTRY HIGHLIGHTED IN TWO MAJOR ECONOMIC STUDIES
Trenton, NJ, June 7, 2004 The Biotechnology Council of New Jersey (BCNJ) today announced findings on the state's bioscience initiatives as highlighted in two major new studies. According to the study by Battelle Memorial Institute, SSTI and Fleishman-Hillard International Communications, "Laboratories of Innovation: State Bioscience Initiatives 2004", the most comprehensive analysis of the life sciences industry ever conducted in the United States, New Jersey ranks as only one in three states with a specialization in three of the four bioscience industry sub-sectors. Specialization in these sub-sectors - pharmaceuticals, medical device and equipment, and research and testing - is measured by the level of employment concentration within a state relative to the nation. The study also reported that university investment in research and development is up 30 percent from 2001. Results of this highly anticipated national study sponsored by the Biotechnology Industry Organization (BIO) were announced today at the BIO 2004 conference in San Francisco, Calif.
BCNJ released findings from another study at the BIO conference measuring the economic impact of the biotechnology industry on New Jersey. The study, conducted by Deloitte & Touche LLP, found that the sector contributes more than $892 million of labor income annually to the state's economy and employs nearly 8,000 employees on its own, not including pharmaceutical and medical technology companies.
"As I've said before, the future of bioscience is right here in New Jersey," Governor James E. McGreevey said. "Our State will soon be the first to invest its own funds for the creation of a stem cell research institute. With our Innovation Zones and business incentive packages, we are working to promote collaborative research on a new scale - and move discoveries more quickly from the lab to the
marketplace. New Jersey has more scientists, engineers and technicians per capita than any other State, and we're the heart of the world's pharmaceutical industry. This is the perfect place for biotech companies to grow."
Key Findings from the BIO-Batelle Study
The BIO-Batelle study is the most comprehensive analysis ever done to quantify the scope and impact of bioscience employment in all 50 states. It also examines programs in each state to promote the development of bioscience companies. This state-by-state analysis expands on a 2001 study that looked at activities in 42 states. The study finds that employment and other economic activity in the biosciences has grown dramatically in the past three years, and states working to attract bioscience companies are learning that success means specializing in specific sub-sectors.
New Jersey has nurtured the key factors that appear to influence a state's ability to grow bioscience employment. These include the degree of involvement by research institutions, available capital, access to facilities and equipment, a stable and supportive tax and regulatory environment and a long-term perspective. In addition, in 2003, New Jersey became the second state in the nation to legalize stem cell research, a landmark step in promoting ground breaking medical research and Governor McGreevy has announced the first ever state funding for the New Jersey Stem Cell Research Institute.
"Biotechnology companies in New Jersey benefit from the state's rich academic environment, highly skilled labor pool, large concentration of pharmaceutical companies - including 17 of the 20 largest pharmaceutical companies in the world which have major facilities in the state - and innovative and supportive government programs and policies," said Kenneth I. Moch, President and Chief Executive Officer of Alteon Inc. and Chairman of the Biotechnology Council of New Jersey (BCNJ).
As discussed in the BIO-Battelle report, key factors to New Jersey's success include:
§ New Jersey has access to a skilled labor pool. The state is ranked eighth in the nation in biological scientists in the workforce. The average number of these scientists from fiscal 2000-2002 was 17,880, compared with 461,973 in the entire United States.
§ New Jersey encourages academic/industrial interaction through its bioscience research parks: New Jersey Technology Centre in North Brunswick located between Rutgers and Princeton Universities, University Heights Science Park, under development in the central ward of Newark by a consortium of four universities and colleges, and the Waterfront Technology Center at Camden.
§ New Jersey is committed to building bioscience R&D. The state has made several recent investments in bioscience R&D facilities. Since the last report was issued in 2001, total university life science expenditures in New Jersey have increased over 30 percent.
§ New Jersey makes capital available to bioscience companies through a variety of means: encouraging and facilitating growth of the venture sector, direct company financing and facilities financing.
§ New Jersey supports bioscience entrepreneurs and emerging bioscience companies through business development services, bioscience industry organizations, and lab incubators.
"These report findings once again underscore why New Jersey is the ideal location for bioscience companies," said Debbie Hart, President of Biotechnology Council of New Jersey (BCNJ). "With unparalleled collaboration between industry, academia and government, the Biotechnology Council of New Jersey, as its sole mission, will work to ensure that this vital industry continues to thrive in our state."
Funding Resource Guide Launched
In conjunction with the release of the BIO-Battelle and Deloitte & Touche LLP studies, the New Jersey Life Sciences Resource Guide was released. All reports are available by calling BCNJ at or visiting the BCNJ Web site at biotechnj.org
Founded in 1994, the sole mission of the Biotechnology Council of New Jersey (BCNJ) is to promote a business and public policy environment in the state of New Jersey and beyond that enhances the growth and prosperity of New Jersey's biotechnology companies. BCNJ currently has 150 member companies.
About Study Sponsors
The Battelle Memorial Institute is a private, non-profit organization recognized worldwide for technology development, management and commercialization.
SSTI is a national non-profit dedicated to improving government-industry programs that encourage economic growth through the application of science and technology.
Fleishman-Hillard Inc., with its headquarters in St. Louis, Missouri, offers strategic communications counsel to local, national and international clients. Founded more than 55 years ago, the firm currently operates throughout North America, Europe, Asia, Latin America, Australia, and South Africa.
The Biotechnology Industry Organization (BIO) represents more than 1,000 biotechnology companies, academic institutions, state biotechnology centers and related organizations in all 50 U.S. states and 33 other nations. BIO members are involved in the research and development of health-care, agricultural, industrial and environmental biotechnology products. For more information on BIO, visit our website at www.bio.org.
Deloitte Touche Tohmatsu is an organization of member firms devoted to excellence in providing professional services and advice. They are focused on client service through a global strategy executed locally in nearly 150 countries. They deliver services in four professional areas: audit, tax, financial advisory services and consulting.
Economic Development Research Group, Inc. (EDR Group) is a consulting firm focusing specifically on developing and applying state-of-the-art techniques for evaluating local and regional economic performance, impacts and opportunities. The firm and its principals are widely recognized for their publications, guides and leadership in economic impact analysis. EDR Group provides advisory services as well as full-scale economic research services for governments and private firms, spanning the US and Canada, as well as the Netherlands, Great Britain, South Africa and Japan. As a public service, EDR Group maintains the web's largest library of articles and reports on economic impact analysis.
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